VST.ca $VSQCF Victory Square Technologies Portfolio Company Gets FDA Permission to Manufacture and Market Safetest Covid-19 Antibody Test
by @nasdaq on 25 Aug 2020, 00:01
Victory Square Health received US FDA permission to commence marketing, sales and distribution under EUA
Safetest Covid-19™ test can confirm whether you’re currently infected with the virus causing Covid-19 or whether you were infected before and didn’t know it
VANCOUVER, British Columbia, Aug. 25, 2020 (GLOBE NEWSWIRE) -- Victory Square Health Inc. (“VS Health” or the "Company") – a portfolio company of Victory Square Technologies Inc. ("Victory Square") (CSE:VST) (OTC:VSQTF) (FWB:6F6) announced today that it was granted permission by the Food & Drug Administration (FDA) in the United States to commence marketing, sales and distribution under the emergency use authorization (EUA) for its Safetest Covid-19 assay for detecting the virus causing Covid-19. Safetest Covid-19 IgG /IgM has demonstrated to the U.S. FDA 93.5% sensitivity and 98.7% specificity.
With 22,977,399 confirmed cases and 800,321 deaths as of August 22nd, 2020, according to the European Centre for Disease Control, the economic damage from Sars-Cov-19 has been deep and widespread. In addition to obtaining greater insights into SARS-CoV19, and accelerating the development of vaccines, better, faster, and less expensive testing is one of the key requirements to successfully and safely opening the economy and getting 2,000,000 post secondary school students in Canada and 16.6 American undergraduates back to school.
"Our mission is to help the global community by delivering the best tests in the market," said Felipe Peixoto, CEO of Victory Square Health. "Testing is one of the most important actions in the push to get back to the normalcy. Safetest Covid-19 is our contribution to this challenge."
The antibody data provided by the Safetest Covid-19 IgM/IgG Elisa test kit covers both immunoglobulins type M (IgM) and G (IgG). When IgM antibodies are present, they can indicate that a patient has an active or recent infection with SARS-CoV-2. When IgG antibodies are present, it indicates a past infection and exposure.
The FDA has been working with manufacturers to accelerate new testing options that improve detection and diagnosis Covid-19 with the EAU program. The result is special exemptions and an accelerated permission process for reliable and validated technology that is accompanied by data. The EAU process by the FDA provides the green light for Victory Square Health to manufacture, market and provide Safetest Covid-19 Elisa kits to high complexity labs in the United States. Based on the strength of test results, Victory Square Health will be submitting an application to EU-CE. Victory Square Health is anticipating permission from ANVISA Brazil from a previously submitted application.
“Based on our outreach and discussions, the demand for this type of test from distributors around the world is high,” said Victory Square Health CEO Peixoto. “Victory Square Health will be providing assistance to as many nations as possible through these distribution channels.”
Elisa like Safetest Covid-19 antibody test results are crucial for developing a clear understanding of immunity thresholds and characteristics of infected individuals. High sensitivity antibody tests provide detailed profiles of populations and individuals. This information helps to accelerate the development of vaccines and provides crucial insight into natural immunity and potential thresholds, if they exist. This information will get people back to work, school and normalcy faster and safer.
“We’re looking forward to working with these important agencies and health practitioners using Safetest Covid-19,” said Shafin Diamond Tejani, CEO of Victory Square. “The test has demonstrated excellent reliability through valid data, and we’re energized by the opportunity to contribute to Canada’s domestic and international fight against the pandemic.”
The Safetest Covid-19 IgM / IgG Elisa test kits will be produced and available to labs all over the United States in the next few weeks.
Victory Square Health was founded in 2016 to accelerate the development of personalized medicine and technology solutions including diagnostic tests to support patient’s care and improve health outcomes.
Disclaimer:
The Company is not making any express or implied claims that its product has the ability to eliminate, cure or contain the Covid-19 (or SARS-2 Coronavirus) at this time
Check out VictorySquare.com and sign up to VST's official newsletter at www.VictorySquare.com/newsletter.
On behalf of the board,
Shafin Diamond Tejani
Chief Executive Officer
Victory Square Technologies
For further information about the Company, please contact:
Investor Relations Contact – Alex Tzilios
Email: alexandros@victorysquare.com
Telephone: 778-867-0482
Media Relations Contact – Howard Blank, Director
Email: howard@victorysquare.com
Telephone: 604-928-6066
ABOUT VICTORY SQUARE TECHNOLOGIES INC.
Victory Square (VST) builds, acquires and invests in promising startups, then provides the senior leadership and resources needed to fast-track growth. The result: rapid scale-up and monetization, with a solid track record of public and private exits.
VST's sweet spot is the cutting-edge tech that's shaping the 4th Industrial Revolution. Our portfolio consists of 20 global companies using AI, VR/AR and blockchain to disrupt sectors as diverse as fintech, insurance, health and gaming.
What we do differently for startups
VST isn't just another investor. With real skin in the game, we're committed to ensuring each company in our portfolio succeeds. Our secret sauce starts with selecting startups that have real solutions, not just ideas. We pair you with senior talent in product, engineering, customer acquisition and more. Then we let you do what you do best — build, innovate and disrupt. In 24-36 months, you'll scale and be ready to monetize.
What we do differently for investors
VST is a publicly-traded company headquartered in Vancouver, Canada, and listed on the Canadian Securities Exchange (VST), Frankfurt Exchange (6F6) and the OTCQX (VSQTF).
For investors, we offer early-stage access to the next unicorns before they're unicorns.
Our portfolio represents a uniquely liquid and secure way for investors to get access to the latest cutting-edge technologies. Because we focus on market-ready solutions that scale quickly, we're able to provide strong and stable returns while also tapping into emerging global trends with big upsides. For more information, please visit www.victorysquare.com.
Forward Looking Statement
This news release contains “forward-looking information” within the meaning of applicable securities laws relating to the outlook of the business of Victory Square, including, without limitation, statements relating to future performance, execution of business strategy, future growth, business prospects and opportunities of Victory Square and its related subsidiaries, including Victory Square Health Inc., and other factors beyond our control. Such forward-looking statements may, without limitation, be preceded by, followed by, or include words such as “believes”, “expects”, “anticipates”, “estimates”, “intends”, “plans”, “continues”, “project”, “potential”, “possible”, “contemplate”, “seek”, “goal”, or similar expressions, or may employ such future or conditional verbs as “may”, “might”, “will”, “could”, “should” or “would”, or may otherwise be indicated as forward-looking statements by grammatical construction, phrasing or context. All statements other than statements of historical facts contained in this news release are forward-looking statements. Forward-looking information is based on certain key expectations and assumptions made by the management of Victory Square. Although Victory Square believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on them because Victory Square can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements contained in this news release are made as of the date of this news release. Victory Square disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
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